ST. LOUIS, May 31, 2023 ~ Despite the market cooling off in 2023, three-fourths of recent home buyers (75%) paid more than the national average of $516,500 on their home, according to a survey from Clever Real Estate. The survey also revealed that 56% of recent home buyers have felt financially overwhelmed since purchasing their homes and 27% say their overall financial situation has deteriorated since becoming homeowners.

The survey further showed that 45% of Americans exceeded their home-buying budget in 2023 and 58% think they overpaid for their home. As a result, 56% of recent home buyers had to take on additional debt to maintain their lifestyle since purchasing a home.

Furthermore, 44% of buyers said purchasing a home in 2023 was harder than expected and 52% reported that their overall happiness has not improved since purchasing their home. Additionally, 93% of recent home buyers have regrets — up from 72% in 2022 — with nearly all (93%) compromising on their priorities.

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More than half of buyers (53%) accepted loan terms with a higher-than-desired interest rate to secure a mortgage, with first-time buyers 11% more likely than repeat buyers to take on the additional expense. Overall, 36% of recent home buyers say they weren't satisfied at all with their home-buying experience.

On the other hand, 95% of sellers have regrets about their home-selling experience, with 26% regretting too many concessions with the buyer and 19% regretting how long they waited to list their home. Furthermore, 57% made less than $50,000 on their sale and 38% aren't satisfied with their profit.

The survey results suggest that despite market conditions cooling off in 2023, many people are still feeling overwhelmed by the financial burden associated with buying or selling a house.

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